The US appears to plan on easing its stance on diamond sanctions against Russia, with indications that it may not adopt a traceability program similar to the European Union’s, according to a Reuters report quoted by IDEX Online.
Miners, manufacturers, and retailers have voiced strong opposition to the G7’s phased restrictions, which will ban all Russian gem-quality diamonds of 0.50 carats or more by September 1, regardless of where they are cut and polished.
According to a Reuters report, the US, a G7 member that agreed to the sanctions last December, is “re-evaluating the strictest elements” of the plan. An anonymous source in the Biden administration emphasized the need to balance hurting Russia with ensuring the sanctions are feasible.
The US, one of the G7 nations that agreed to the sanctions last December is now said to be “re-evaluating the strictest elements”, according to a Reuters report.
The US was the first to sanction Russian diamonds following Russia’s invasion of Ukraine in March 2022. However, the ban excluded diamonds manufactured elsewhere, which comprise the vast majority.
